Smart Wellness Market Scope:
In this rapidly changing world of technology, smart wellness market is projected to show major growth prospects during the forecast period. Major factor driving the smart wellness market is the increasing adoption of smartphones which allow easy access to fitness and wellness apps through app stores. Growing awareness about health monitoring and increasing demand for portable healthcare devices is another major factor driving the growth of smart wellness market.
The Smart Wellness Market Impact of COVID – 19, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the Smart Wellness market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of smart wellness market. This is owing to the presence of large number of established key players like Apple, Inc. in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of smart wellness market. Growing adoption of smartphones which allow easy tracking of daily activities and in turn help in monitoring health is another major factor driving the growth of smart wellness market in the region. Growing demand for fitness apps is another major factor driving the growth of smart wellness market in the region.
The Smart Wellness market is growing rapidly over 24% of CAGR and is expected to reach at approx. USD 520 Billion by the end of forecast period.
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Major Leading Vendors:
The leading vendors in the worldwide market for smart wellness include Omron Healthcare, Inc. (Japan), St. Jude Medical, Inc. (U.S.), McKesson Corporation (U.S.), GE Healthcare, Inc. (U.S.), Samsung Electronics (South Korea), Draeger Medical Systems, Inc. (Germany), Fitbit, Inc. (U.S.), Apple, Inc. (U.S.), Medtronic PLC (U.S.), Philips Healthcare Company (the Netherlands), to mention a few.
Smart Wellness Market Segmentation:
The global market for smart wellness has been segmented with respect to component, type, connectivity, and end user.
Depending on the component, the market segments are software, services and hardware. The hardware segment can be split into personal medical devices as well as wellness products. The personal medical devices segment consists of insulin pump, diabetes monitor, portable GPS PERS, BP monitor, personal ECG, smart pill dispenser, personal pulse oximeters, and others.
The wellness products are sleep quality monitor, GPS sports watch, body analyzer, and others. The software sub-segments listed in the report are online subscriptions, smart wellness apps, and others. The types of services in the market are managed services and professional services. Among all these, the hardware segment has the most potential to gain the top position in the smart wellness market and can possibly achieve a growth rate of 24.82% in the forthcoming years.
The types of smart wellness technology are health information exchange, healthcare analytics and healthcare IT. The healthcare IT sub-segment is leading the market at a growth rate of 23.75%.
Connectivity-based market segments are Bluetooth, Wi-Fi, and others. Bluetooth is the top segment in the market, growing at a rate of 24.83%.
Smart Wellness Market Regional Insight:
Asia Pacific (APAC), North America, Europe, as well as the Rest of the World (RoW) have been recognized as the primary markets for smart wellness in the MRFR report.
North America stands the highest chance of attaining the top position in the global smart wellness market during the given period. The market growth is mainly supported by the frequent technological advancements and the high availability of a variety of innovative solutions. High demand for smart wellness devices among numerous end-users in the United States (US) and Canada also assists with the market growth. Mexico has been identified as the third-most profitable market for smart wellness in the region.
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